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Planning and financial literacy: How do women fare?
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This paper found that women display much lower levels of financial literacy than the older population as a whole, and women who are less financially literate are also less likely to plan for retirement and be successful planners.Abstract:
Many older US households have done little or no planning for retirement, and there is a substantial population that seems to undersave for retirement. Of particular concern is the relative position of older women, who are more vulnerable to old-age poverty due to their longer longevity. This paper uses data from a special module we devised on planning and financial literacy in the 2004 Health and Retirement Study. It shows that women display much lower levels of financial literacy than the older population as a whole. In addition, women who are less financially literate are also less likely to plan for retirement and be successful planners. These findings have important implications for policy and for programs aimed at fostering financial security at older ages.read more
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The Economic Importance of Financial Literacy: Theory and Evidence
TL;DR: An assessment of a rapidly growing body of economic research on financial literacy and thoughts on what remains to be learned if researchers are to better inform theoretical and empirical models as well as public policy are offered.
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Financial Literacy and Stock Market Participation
TL;DR: In this article, the authors evaluated the importance of financial literacy by studying its relation to the stock market: are more financially knowledgeable individuals more likely to hold stocks? To assess the direction of causality, they make use of questions measuring financial knowledge before investing in the stock markets.
Journal ArticleDOI
Measuring Financial Literacy
TL;DR: An overview of the meaning and measurement of financial literacy is presented to highlight current limitations and assist researchers in establishing standardized, commonly accepted financial literacy instruments as mentioned in this paper, which is essential to understand educational impact as well as barriers to effective financial choice.
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Debt Literacy, Financial Experiences, and Overindebtedness
Annamaria Lusardi,Peter Tufano +1 more
TL;DR: For example, this paper analyzed a national sample of Americans with respect to their debt literacy, financial experiences, and their judgments about the extent of their indebtedness and found that debt literacy is low: only about one-third of the population seems to comprehend interest compounding or the workings of credit cards.
Journal ArticleDOI
Financial Literacy Around the World: An Overview
TL;DR: Around the world, financial literacy is critical to retirement security and instrumental variables estimates show that the effects of financial literacy on retirement planning tend to be underestimated.
References
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Posted Content
Household Financial Management: The Connection between Knowledge and Behavior
TL;DR: In this paper, the authors focus on four financial management activities (cash-flow management, credit management, saving, and investment) and analyze the connections between knowledge and behavior, finding that those who knew more were more likely to engage in recommended financial practices.
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Financial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education Programs
TL;DR: In this article, a review reveals that many households are unfamiliar with even the most basic economic concepts needed to make saving and investment decisions, and that financial illiteracy is widespread: the young and older people in the United States and other countries appear woefully under-informed about basic financial computations.
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The effects of financial education in the workplace: evidence from a survey of households
TL;DR: In this article, the authors used a household survey to investigate the effects of employer-based financial education on personal saving, and they found that the availability of financial education and various measures of asset accumulation increased saving.
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Asset Allocation and Information Overload: The Influence of Information Display, Asset Choice, and Investor Experience
Julie R. Agnew,Lisa R. Szykman +1 more
TL;DR: This article examined whether information overload might partially explain why defined contribution plan participants tend to follow the "path of least resistance" and found that low-knowledge individuals opt for the default allocation more often than high knowledge individuals (experiment 1: 20% versus 2%).
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Wealth Accumulation and the Propensity to Plan
TL;DR: This article found that those with a higher propensity to plan spend more time developing financial plans, and that this shift in planning effort is associated with increased wealth, which is consistent with our findings.